-- Sep 26, 1899; Tuesday
Presidents Lorenzo Snow and George Q. Cannon were at the office.
President Cannon attended an adjourned meeting of the five canal companies of Salt Lake County.
Elder Angus M. Cannon, President of Salt Lake Stake, called and conversed with the First Presidency, reciting a grievance that he had against the Utah Sugar Company, in that he had been called upon to pay for certain stock held by him in that company, or else surrender it. He had elected to surrender it, and now a stock dividend was about to be declared, the company having become prosperous. He had taken stock in the concern with the understanding that the First Presidency were the general supporters of the industry, and he wanted to know now if they wished him to be shut out from the benefits of the stock after it had been in his name so long.
President [Joseph F.] Smith, who had come in, and had heard Brother Cannon's statement, explained, as a member of the Sugar Company, that Brother Cannon had been given the opportunity to purchase this stock, and the same opportunity had been extended to other stock holders who had not paid up, and that all had been treated alike. Brother Cannon and others had given their notes for the stock they subscribed, and the company had carried their notes as cash. But a time came when the company had to determine that these notes should either be paid, or the stock surrendered which they represented. When this conclusion was reached, the company was not about to declare a dividend, though as a matter of fact a dividend was declared not very long afterwards, and dividends have been in order since that time.
President Snow stated that the only part the First Presidency took in the establishment of the sugar industry was to encourage the people in the beginning to subscribe for the stock. Those who did subscribe and pay for their stock were now reaping great benefits, while those who subscribed but did not pay, like those who declined to subscribe at all, were not "in it." The President regarded this as purely a business matter between the Board of Directors and the stock holders of the Sugar Company. (1)
-- Sep 26, 1899
Presidents Lorenzo Snow and George Q. Cannon were at the office.
President Cannon attended an adjourned meeting of the five canal companies of Salt Lake County.
Elder Angus M. Cannon, President of Salt Lake Stake, called and conversed with the First Presidency, reciting a grievance that he had against the Utah Sugar Company, in that he had been called upon to pay for certain stock held by him in that company, or else surrender it. He had elected to surrender it, and now a stock dividend was about to be declared, the company having become prosperous. He had taken stock in the concern with the understanding that the First Presidency were the general supporters of the industry, and he wanted to know now if they wished him to be shut out from the benefits of the stock after it had been in his name so long.
President [Joseph F.] Smith, who had come in, and had heard Brother Cannon's statement, explained, as a member of the Sugar Company, that Brother Cannon had been given the opportunity to purchase this stock, and the same opportunity had been extended to other stock holders who had not paid up, and that all had been treated alike. Brother Cannon and others had given their notes for the stock they subscribed, and the company had carried their notes as cash. But a time came when the company had to determine that these notes should either be paid, or the stock surrendered which they represented. When this conclusion was reached, the company was not about to declare a dividend, though as a matter of fact a dividend was declared not very long afterwards, and dividends have been in order since that time.
President Snow stated that the only part the First Presidency took in the establishment of the sugar industry was to encourage the people in the beginning to subscribe for the stock. Those who did subscribe and pay for their stock were now reaping great benefits, while those who subscribed but did not pay, like those who declined to subscribe at all, were not "in it." The President regarded this as purely a business matter between the Board of Directors and the stock holders of the Sugar Company.
The devil seems determined to fight us every where. Four men were arrested for unlawful co- habitation the other day in Richfield [Utah]. I think they are trying to work up a sentiment against [B. H.] Roberts, and hence want to show to the world that there are many cases yet to be dealt with. It is good to know that the Lord is at the Helm and the good ship Zion will not be hindered in its course. (2)
Endnotes:
1 - First Presidency and Quorum of the Twelve minutes
2 - Journal History; Anthon H. Lund, Letter to Ferdinand F. Hintze
LDS History Chronology: Lorenzo Snow
Mormon History Timeline: the life of Lorenzo Snow
http://lds-church-history.blogspot.com/
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